Genedrive Shares Spiked 13% Higher, but Later Fell – Here’s Why

The Genedrive PLC (LON: GDR) share price spiked 13% higher after announcing that the Genedrive® MT-RNR1 ID Kit was being prepared for installation at two more hospital sites in the North West NHS, that is, the greater Manchester area.

The installation is expected to start in April after the NICE final recommendation for the NHS to use the Genedrive MT-RNR1 ID test across England and Wales, which is expected towards the end of March. Investors cheered the announcement, as evidenced by the rally in Genedrive shares.

However, Genedrive shares later fell back into negative territory as sellers overpowered buyers to lower GDR share prices. The pullback can be attributed to the recent parabolic rally in Genedrive shares. The company’s shares have risen 48.87% over the past month and are up a whopping 278.65% since the year started. 

The GDR price chart below shows that the Genedrive share price was long overdue for a pullback as investors took profits on their positions and sellers started shorting the stock. 

The rollout across the Manchester area will be supported and project managed by the Manchester Academic Health Science Centre (MAHSC) Women and Children Domain, part of Health Innovation Manchester (HInM). The rollout will occur across the Manchester University NHS Foundation Trust.

David Budd, Genedrive plc’s CEO, said: “While we work with clinicians and implementers nationally on a Trust by Trust basis, near-term rollouts such as this one in Greater Manchester will benefit from additional coordination and support.  We are grateful for the engagement from HInM and MFT, which will be an example for future regional rollouts elsewhere in the country. It's an important milestone for the Company as we work to ensure every newborn has access to the Genedrive MT-RNR1 ID test when needed.”

Dr Ajit Mahaveer, Clinical Head of Division – Newborn Services, Manchester University NHS Foundation Trust (MFT), said: “The Genedrive MT-RNR1 test was piloted here at MFT. This initiative will allow us to expand testing to the neonatal units at North Manchester General Hospital and Wythenshawe Hospital. We also intend to work with NICE on ongoing data collection to support the long-term recommendations for the product.”

*This is not investment advice. 

Genedrive share price. 

The Genedrive share price spiked 13.02% higher to trade at 48.60p, rising from Friday’s closing price of 43.00p.